Sunday, December 30, 2007

Weekly Outlook

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There are a few economic reports of note and significant corporate earnings reports scheduled for release this week.

Economic reports for the week include:

Mon.Existing Home Sales, NAPM-Milwaukee

Tues. – US Markets Closed

Wed. – ISM Manufacturing, ISM Prices Paid, Construction Spending, FOMC Minutes

Thur. – MBA Mortgage Applications report, EIA Energy Inventory report, Challenger Job Cuts, ADP Employment Change, Initial Jobless Claims, Factory Orders, Total Vehicle Sales

Fri. – Change in Non-farm Payrolls, Average Hourly Earnings, Unemployment Rate, ISM Non-Manufacturing

Some of the more noteworthy companies that release quarterly earnings this week are:

Mon. – None of note

Tues. – US Markets Closed

Wed. – Immucor(BLUD)

Thur. – Monsanto(MON), Texas Industries(TXI), Bed Bath & Beyond(BBBY), Finish Line(FINL), Global Payment(GPN), Sonic(SONC), Merix(MERX)

Fri. – None of note

Other events that have market-moving potential this week include:

Mon. – None of note

Tue. US markets closed

Wed. – None of note

Thur. – None of note

Fri. – The Fed’s Kohn speaking

BOTTOM LINE: I expect US stocks to finish the week modestly higher on a firmer US dollar, lower energy prices, seasonal strength, less economic pessimism, diminishing credit market anxiety, bargain hunting and short-covering. My trading indicators are still giving mostly bullish signals and the Portfolio is 100% net long heading into the week.

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